The Dow Jones Industrial Average continued to lose ground at midday even as Microsoft (MSFT) held steady amid EU antitrust charges. Nvidia (NVDA) popped after a Wall Street call while SolarEdge Technologies (SEDG) plunged on a debt offering. Chipotle Mexican Grill (CMG) was rallying on the stock market today ahead of its 50-for-1 stock split after the close.

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The Dow Jones index saw early selling intensify as it fell about nearly 300 points, or 0.8%. In contrast, the tech-heavy Nasdaq composite built on early gains as it rallied 1.2%. IPO chip stock Arm (ARM) was flexing its muscles here, powering nearly 5% higher.

However, fellow Nasdaq component SolarEdge Technologies cratered, falling nearly 19% amid news of a debt offering. The firm is to offer $300 million in convertible notes. They will be due in 2029.

Meanwhile, the S&P 500 was up 0.3%. In the S&P, cruise stock Carnival (CCL) as sailing higher, rising nearly 8%. But Pool (POOL) dived more than 6% after it cut its full-year earnings guidance. Trading was briefly halted on Pool.

Chipotle Mexican Grill, which is set to undergo a 50-for-1 stock split, was up nearly 2%. The stock is off last week’s highs but is getting support at the 21-day exponential moving average.

The S&P 500 sectors were mostly lower. Technology and communication services outperformed while real estate and materials lagged.

Small caps were slipping, with the Russell 2000 down 0.4%. The Innovator IBD 50 ETF (FFTY) was building on early momentum, though, rising 1.5% on the stock market today.

Consumer Confidence Slips, These Stocks Break Down

The health of American consumers is critical given their outlays account for about 70% of the U.S. economy.

Consumer confidence fell slightly in June. It retreated to 100.4 this month from a revised 101.3 in May, the Conference Board said today. This was roughly in-line with economist expectations for a 100 reading.

“We have some concerns about the consumer’s willingness and ability to keep spending and the drop in Consumer Confidence isn’t welcome news from that perspective,” Independent Advisor Alliance Chief Investment Officer Chris Zaccarelli said in a note to clients. “Ultimately, we believe the bull market we are in isn’t going to be derailed . . . until either we go into recession or the Fed changes interest rate policy from potential cuts to actual hikes.”

Meanwhile, some stocks in the IBD Growth 250 were struggling. Chinese internet content stock Kanzhun (BZ) fell almost 4%, losing ground on its 50-day moving average and skidding more than 9% below a 21.32 entry.

Owens Corning (OC) has undercut the 50-day moving average, a sell signal. It was down more than 3%. It is also falling away from a three-weeks-tight entry.

Updated 10:44 a.m. ET

Magnificent Seven: Nvidia Pops After Bullish Call

Nvidia was getting some respite after negative action knocked it off its perch as the world’s most valuable publicly traded company. It was up more than 5% on the stock market today.

Some relief was arguably due given its sharp reversal. Bank of America reiterated its buy rating on the stock and added it to its “best-of-breed” list, which it reserves for firms with strong balance sheets, excellent management teams and impressive earnings per share growth.

The other so-called Magnificent Seven stocks were also making gains. Tesla (TSLA) popped nearly 3% and remained above its 50-day line, but below its 200-day moving average.

Meta Platforms (META) and Google parent Alphabet (GOOGL) were also solid, rising more than 1% each. Meta stock is eying a cup-with-handle entry of 514.01.

Dow Jones stock Apple (AAPL), which is extended, rose more than 1%. E-commerce giant Amazon.com (AMZN) was strong, gaining almost 2%.

Fed Official Says Rate Hikes May Be Needed

Federal Reserve Gov. Michelle Bowman warned in a speech in London that further rate hikes may be needed if there is no further progress on inflation.

“I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall or even reverse,” she said.

Bowman, who is a member of the rate-setting Federal Open Market Committee, also said “we are still not yet at the point where it is appropriate to lower the policy rate.”

She is seen as one of the more hawkish members of the FOMC. Treasury yields were little changed. The 10-year was flat at 4.25% while the 2-year was up one basis point.

Dow Jones Today: Microsoft Steady Amid EU Charges

Microsoft stock was firm despite being hit with antitrust charges from the EU.

It is being accused of anticompetitive practices for bundling its Teams app with its Office suite. It claims this disadvantaged rivals in the video conferencing space such as Zoom Video Communications (ZM) and Salesforce’s (CRM) Slack.

Separately, Goldman Sachs reiterated its buy rating on Microsoft stock with a 515 price target, saying it sees the company “yielding strong returns on its Gen-AI investments.”

Microsoft is trading above a prior flat base entry of 430.82. Its relative strength line has been making gentle progress of late.

Amgen (AMGN) was the top performer on the Dow Jones today as it gained more than 1%. The stock broke out of a cup -with-handle base and is in buy range from the 322.60 buy point. Home Depot (HD) lagged with a decline of more than 4%. Walmart (WMT) also struggled, falling over 2%.

Outside Dow Jones: These Stocks Test Entries

Natural gas transportation play Hess Midstream (HESM) is flirting with a flat base entry of 36.84, according to MarketSurge analysis.

The stock holds a perfect IBD Composite Rating of 99. Earnings performance is its strongest suit, with its EPS Rating coming in at 94 out of 99.

Financial software stock Fair Isaac (FICO) is testing a flat-base entry of 1,451.78. The relative strength line hit fresh heights. Fair Isaac is among the top 5% of issues in terms of price performance over the past 12 months.

Overall performance is good, with its IBD Composite Rating a strong 97. Earnings are not ideal though, with its EPS Rating sitting at 73 out of 99.

Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.

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